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\begin{tabular}{lcccccc} \hline
 & (1) & (2) & (3) & (4) & (5) & (6) \\
VARIABLES & l\_mu\_sepcal\_TL\_sFSQ\_t1\_w & l\_mu\_sepcal\_TL\_sFSQ\_t1\_w & FD\_l\_mu\_sepcal\_TL\_sFSQ\_t1\_w & FD\_l\_mu\_sepcal\_TL\_sFSQ\_t1\_w & l\_mu\_sepcal\_TL\_sFSQ\_t1\_w & l\_mu\_sepcal\_TL\_sFSQ\_t1\_w \\ \hline
 &  &  &  &  &  &  \\
l\_va\_total\_demean & -0.0735*** & -0.0719*** &  &  &  &  \\
 & (0.00818) & (0.00810) &  &  &  &  \\
l\_va\_total\_demean\_d\_inter & 0.574*** &  &  &  &  &  \\
 & (0.0438) &  &  &  &  &  \\
l\_va\_total\_demean\_d\_inter\_Large &  & 0.240*** &  &  &  &  \\
 &  & (0.0436) &  &  &  &  \\
l\_va\_total\_FD &  &  & -0.0235*** & -0.0224** &  &  \\
 &  &  & (0.00889) & (0.00878) &  &  \\
l\_va\_total\_FD\_d\_inter &  &  & 0.280*** &  &  &  \\
 &  &  & (0.0405) &  &  &  \\
l\_va\_total\_FD\_d\_inter\_Large &  &  &  & 0.0265** &  &  \\
 &  &  &  & (0.0125) &  &  \\
l\_va\_total\_ha\_dev &  &  &  &  & 0.00992 &  \\
 &  &  &  &  & (0.0135) &  \\
l\_va\_total\_ha\_d\_inter &  &  &  &  & 0.158** &  \\
 &  &  &  &  & (0.0650) &  \\
l\_va\_total\_hp\_dev &  &  &  &  &  & -0.0222 \\
 &  &  &  &  &  & (0.0210) \\
l\_va\_total\_hp\_d\_inter &  &  &  &  &  & 0.413*** \\
 &  &  &  &  &  & (0.114) \\
Constant & 0.121*** & 0.121*** & -0.00614*** & -0.00616*** & 0.134*** & 0.145*** \\
 & (0.00990) & (0.00992) & (0.000719) & (0.000718) & (0.00978) & (0.0102) \\
 &  &  &  &  &  &  \\
Observations & 9,039,476 & 9,039,476 & 8,051,767 & 8,051,767 & 8,361,273 & 9,039,476 \\
R-squared & 0.837 & 0.837 & 0.000 & 0.000 & 0.839 & 0.837 \\
Firm FE & Yes & Yes & No & No & Yes & Yes \\
Year FE & Yes & Yes & No & No & Yes & Yes \\
Cluster & Sector * Year Filter & Sector * Year & Sector * Year & Sector * Year & Sector * Year & Sector * Year \\
 Filter &  & Demeaned & FD & FD & Hamilton & HP \\ \hline
\multicolumn{7}{c}{ Demeaned} \\
\multicolumn{7}{c}{ Robust standard errors in parentheses} \\
\multicolumn{7}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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